家电行业24年中报总结：板块内部分化，白电韧性充足

Investment Rating - The report maintains a positive investment rating for the home appliance sector, recommending "Overweight" for key companies such as Midea Group, Haier Smart Home, and Stone Technology [1][2]. Core Insights - The home appliance industry shows solid performance with a year-on-year revenue growth of 4.6% in Q2 2024, driven by strong export demand and supportive policies like the trade-in program [1][2]. - The white goods segment is highlighted as the most resilient, with a revenue increase of 4.8% in Q2 2024, while other segments like kitchen appliances and black goods face challenges [1][2]. - The report emphasizes the importance of structural optimization and cost reduction in improving profitability across various segments [1][2]. Summary by Sections 1. Home Appliance Industry Overview - Q2 2024 revenue growth of 4.6% year-on-year, with notable performance in white goods (+4.8%) and components (+10.3%) [7][9]. - Profitability improved with a net profit growth of 9.6% year-on-year, driven mainly by white goods and lighting segments [9][12]. 2. White Goods - Revenue for major players: Midea Group (+10.4%), Haier Smart Home (+0.1%), and Hisense Home Appliances (+7.0%) in Q2 2024 [16][17]. - Profit margins improved, with net profit margins for Midea Group at 10.6% and Haier at 8.5% [18]. 3. Kitchen Appliances - Revenue decline of 9.3% year-on-year in Q2 2024, with companies like Boss Electric and Zhejiang Midea facing significant challenges [1][2]. - Profitability under pressure, with net profit margins declining for several key players [1][2]. 4. Small Appliances - Revenue growth of 5.5% year-on-year in Q2 2024, with strong performance from companies like Supor and Xinbao [1][2]. - Profitability remains stable, with some companies like Stone Technology showing improvement [1][2]. 5. Black Goods - Revenue growth of 2.3% year-on-year in Q2 2024, with Hisense maintaining a focus on high-end products [1][2]. - Profitability under pressure due to cost fluctuations, but potential for recovery in the second half of 2024 [1][2]. 6. Lighting and Electrical - Revenue growth slowed to 2.0% year-on-year in Q2 2024, but profitability improved due to structural optimization [1][2]. 7. Components - Continued strong performance with a revenue increase of 10.3% year-on-year in Q2 2024, indicating robust demand [1][2].